There are also plenty of great bars, restaurants, and shops in the area.

And does your calculation take into consideration the fact that an entire town can burn down, and the only assistance the government will give you is a $700 gift card? 

You could also shop all your coverage to see who will write the policies with a $5mm umbrella.2.

The reduced demand causes rents to decline but at the same time the tax base is eroding from the employer closing up shop causing property taxes to spike up.

We like to pride ourselves in being a one stop shop, especially for out of state investors! 

Have a drink from time to time, talk shop, etc.

Cleveland is an excellent market to get started, and you definitely want to establish your 'boots on the ground' here before diving in - an experienced property management company is a great place to start (Bonus if they have a sales team attached - making it a one-stop-shop!).

Would there be gift taxes involved as well? 

Found this one when a friend was first-time home shopping and he decided to pass.

If it's a Mainstream bank like WF, BofA, Chase they'll likely be most worthwhile on a plain vanilla primary purchase, and provide a good frame of reference as you shop for mortgage options.